A new ConsenSys announcement is in the latest cryptocurrency news, talking about the New York-based blockchain company and how it is restructuring its various operations in order to shore up its market presence. On top of the announcement, ConsenSys seeks around $200 million in funding, according to an official press release published on May 6th.
The move will also see the departure of a founding executive. According to the official ConsenSys announcement, the accelerator Tachyon, VC operation ConsenSys Ventures and ConsenSys Labs will all be consolidated under one umbrella investment arm. ConsenSys Ventures, which launched in September 2017, won’t have Kavita Gupta as its helm anymore, as the executive confirmed in an announcement to the news outlet The Block this Monday.
The ConsenSys announcement was reshared on many best cryptocurrency news sites. In it, the founder of the company Joseph Lubin said:
“To continue to scale our investment activities, we need to consolidate systems and operations to improve our efficiency and portfolio management, while providing the best possible experience for founders in every phase of the company building lifecycle.”
He also added that “as the market matures and grows, we are redesigning our investment activities to reflect our learnings and established best practices.” The firm’s recent pledge to raise $200 million comes in addition to the official ConsenSys announcement, even though the cryptocurrency bear market saw it resigned to cut staff members.
On the other hand, the ConsenSys executive Gupta which was with the company since its inception, will stay in an advisory role as the release states. There was not a lot of other things featured in the official ConsenSys announcement as 2019 looks to be a positive time for crypto and the losses seen throughout the previous year. In the coming altcoin news, ConsenSys’ lifeline Ethereum (ETH) is also in the focus.
“ConsenSys is committed to pushing the limits of what venture capital means in an industry redefining decades-old investment norms,” the company said in another announcement.
Right now, ConsenSys is consolidating and possibly restructuring its business ahead of the new 2019 gains which led most of the crypto market in the green zone.
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